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An investor in healthtech platform Pharmeasy, Janus Henderson has slashed its valuation by 50 per cent to $2.8 billion from $5.6 billion.
Earlier this week, US-based Neuberger Berman also slashed the valuation of API Holdings (Pharmeasy) by 22 per cent to $4.39 billion.
Pharmeasy had attempted to list on the public markets in 2021 but later withdrew its offer as market sentiments worsened. The health-tech company is also reportedly looking to raise a down round of $200 million. However, there has been no official announcement of a fundraise by Pharmeasy.
Layoffs
In 2022, Pharmeasy laid off over 50 employees across verticals such as product technology, quality analytics and support. It also laid off employees at its electronic medical record subsidiary Docon Technologies. The company cited restructuring, macroeconomic conditions and the Russia-Ukraine war as the reasons for the layoffs.
Pharmeasy could not be reached for comments till the time of going to press.
Pine Labs and Pharmeasy are not the only unicorns that have seen their valuations being slashed in the ongoing funding winter. Another American investor Vanguard Group also slashed ride-hailing major Ola’s valuation by 35 per cent to $4.8 billion compared to its peak $7.3 billion valuation.
Similarly, Invesco has cut down food delivery major Swiggy’s valuation to $5.5 billion in January 2023 from its last valuation of $10.7 billion in January 2022. Also, in March 2023, Invesco slashed Swiggy’s valuation to $8-billion. Invesco led a $700-million funding round in Swiggy in January 2022.
Prosus, too, pegged BJYU’s valuation at $6 billion in November 2022. BJYU’s raised its last funding round at a valuation of $22 billion. In late 2022,Oyo’s valuation was also slashed from $10 billion to $2.7 billion by Japanese conglomerate, SoftBank.
Economic Times was the first to report this development.
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